South Africa: Manufacturing production contracts less quickly in December
Latest reading: Manufacturing production was down 1.2% on a seasonally adjusted month-on-month basis in December, following a 2.1% decline in the prior month.
Relative to the prior month’s figures, readings in December improved for petroleum, chemical products, rubber and plastic products (+2.1% on a seasonally adjusted month-on-month basis vs +0.2% in November), basic iron and steel, non-ferrous metal products, metal products and machinery (-2.7% vs -5.0% in November) and wood and wood products, paper, publishing and printing (+3.0% vs -1.7% in November). In contrast, the reading for food and beverages worsened in December (-2.1% vs -0.7% in November).
In annual terms, manufacturing output fell 1.4% in December, following a 2.0% drop in the previous month.